Xetra-Gold
Deutsche Börse Commodities GmbH issues Xetra-Gold, an exchange-traded bearer bond 100% backed by physical gold stored in Germany, serving German retail and institutional investors who want liquid gold exposure with physical delivery rights.
- Company typePrivate
- Founded2007
- HeadquartersEschborn, Germany
- Headcount11–50
- GTM typeB2C
- OfferingServices
What Xetra-Gold does
Deutsche Börse Commodities GmbH is a Frankfurt-based special-purpose issuer established in 2007 as a joint venture of Deutsche Börse AG and five German/European banking partners — Deutsche Bank, Commerzbank, DZ Bank, B. Metzler seel. Sohn, and Vontobel — to issue Xetra-Gold, an exchange-traded bearer bond (Inhaberschuldverschreibung) 100% backed by physical gold stored in Germany. The product combines stock-like exchange tradability on Deutsche Börse's Xetra venue with an unconditional right of physical delivery of LBMA Good Delivery gold bars at any time, providing investors with a structurally different instrument from a typical gold ETF: the security is a debt claim on allocated bullion rather than a fund share, and the gold is held in custody by Clearstream Europe AG with delivery executed via Umicore-refined bars.
The company's operational footprint is intentionally lean — two managing directors (Steffen Orben since 2007 and Dr. Michael König since 2015) and a small corporate team — because its role is issuance, prospectus maintenance, and stakeholder communications rather than active asset management. Distribution runs through the Xetra electronic trading platform and the JV banking partners' retail and institutional channels, with delivery-side logistics handled by Clearstream (custody and administration) and Umicore (refining and bar production from recycled materials). Marketing is content-led: a bi-weekly "Goldwissen" podcast (100+ episodes), monthly "Der Rohstoff-Talk" video interviews from the Frankfurt exchange floor, weekly market commentary by Deutsche Bank's Michael Blumenroth, a monthly newsletter, and presence at major German investor fairs.
Economically, Deutsche Börse Commodities GmbH earns revenue through custody and administration fees on assets under custody (€19.4 billion / 171 tonnes as of H1 2026, an all-time high), trading-related economics on the Xetra venue, and physical-delivery-related fees (delivery costs are explicitly disclosed and tier-priced per jurisdiction). The company is geographically restricted (US Persons prohibited) and primarily serves German retail and institutional investors across DE, CH, AT, and LU. Sustainability is integrated into the operating model via biannual DNK conformity reporting and, since 2024, carbon offset through a German reforestation partnership with ForTomorrow.
Xetra-Gold firmographics
Firmographics- Name
- Xetra-Gold
- Legal name
- Deutsche Börse Commodities GmbH
- Website
- https://xetra-gold.com
- Company type
- Private
- Founded year
- 2007
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Deutsche Börse Commodities GmbH issues Xetra-Gold, an exchange-traded bearer bond 100% backed by physical gold stored in Germany, serving German retail and institutional investors who want liquid gold exposure with physical delivery rights.
- Ownership category
- akta.pro rank
Xetra-Gold industry classification
Industry- Product category
- Gold Investment Products
- NAICS
- Commodity Contracts Intermediation (52316)
- SIC
- Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Gold Mining (IMAKAEAA)
Keywords
Where Xetra-Gold is headquartered
LocationHeadquarters
- HQ city
- Eschborn
- HQ country
- Germany
- HQ region
- Europe
Offices1 record
Markets served
Xetra-Gold business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Operations, Supply Chain, Technology or R&D, Personnel, Marketing or Sales, Infrastructure, Others
Revenue model
- Asset Management Fees: Revenue is generated through fees on assets under custody. The product maintains €19.4 billion in assets under custody (171 tonnes of gold as of H1 2026). Custody and delivery fees are collected through Clearstream Europe AG infrastructure.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Physical gold delivery costs for 1kg (single 1kg bar): €468 (Germany), €2,778 (Switzerland), €3,411 (Austria), €2,025 (Luxembourg) |
| Transaction based/ take rate | Pay-as-you-go | Physical gold delivery for 100kg (100x1kg bars): €12,183 (Germany), €11,325 (Switzerland), €11,963 (Austria), €10,698 (Luxembourg) |
| Transaction based/ take rate | Pay-as-you-go | Physical gold delivery for 1,000kg (80x12.5kg bars): €22,798 (Germany), €21,780 (Switzerland), €21,780 (Austria), €20,103 (Luxembourg) |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels7 records
Xetra-Gold product offering
Product offeringCore offering
Xetra-Gold is an exchange-traded bearer bond (Inhaberschuldverschreibung) issued by Deutsche Börse Commodities GmbH, 100% backed by physical gold stored in Germany. The security trades on the Xetra exchange like a stock while giving investors the right to physical delivery of LBMA Good Delivery compliant gold bars at any time. The product combines exchange tradability, transparent pricing, and liquidity with the security and stability of physical gold ownership, with physical delivery processed through Clearstream Europe AG and Umicore AG & Co. KG.
Product overview
Xetra-Gold® is a single exchange-traded bearer bond product issued by Deutsche Börse Commodities GmbH, 100 percent backed by physical gold stored in Germany. The core product enables efficient and cost-effective gold investment, combining exchange tradability with physical gold delivery capability. Supporting the main product are educational resources including the Xetra-Gold Podcast, Der Rohstoff-Talk video series, and downloadable documentation such as the prospectus, fact sheet, and Key Information Document (KID) under PRIIPs Regulation.
Differentiator
Problem solved
Functional benefit
Products and services
- Xetra-Gold Bearer Bond Exchange-traded bearer bond (Inhaberschuldverschreibung) issued by Deutsche Börse Commodities GmbH, 100% backed by physical gold stored in Germany. Trades on the Xetra exchange like a stock, offering German retail and institutional investors an efficient, liquid, and cost-effective way to invest in gold. Investors can exchange securities for physical LBMA Good Delivery compliant gold bars at any time through Clearstream Europe AG custody.
Quantifiable outcome
- Assets under custody reached new high of €19.4 billion in H1 2026
- +1 more outcomes
Companies that use Xetra-Gold
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
Xetra-Gold technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Xetra-Gold partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered minor and core.
- ForTomorrowminorNon-profit climate protection company providing carbon offset through German reforestation project. Deutsche Börse Commodities offsets its 249 tonnes CO₂e annual emissions by funding tree planting.
- Deutsche Börse AGcoreJoint venture partner and parent organization. Deutsche Börse AG organizes trading, clearing via central counterparty, and settlement of Xetra-Gold transactions on the Xetra platform.
- Commerzbank AGcoreJoint venture banking partner providing distribution of Xetra-Gold to private and institutional clients.
- Deutsche Bank AGcoreJoint venture banking partner and provider of market expertise. Michael Blumenroth serves as Senior Investment Strategist providing weekly market reports for Xetra-Gold.
- DZ Bank AGcoreJoint venture banking partner, functioning as central institution of cooperative financial framework FinanzGruppe Volksbanken Raiffeisenbanken.
- B. Metzler seel. Sohn & Co. AGcoreJoint venture partner, Germany's oldest private bank (established 1674) specializing in asset management and capital markets.
- VontobelcoreJoint venture partner, Swiss investment management firm providing international distribution capabilities.
- Umicore AG & Co. KGcoreGold bar manufacturer and refinery partner. Produces LBMA Good Delivery compliant gold bars from recycled materials for physical delivery of Xetra-Gold. Operator of world's largest recycling plant for precious metals from waste products.
- London Bullion Market Association (LBMA)coreEssential partner for standards. LBMA Good Delivery Rules ensure gold bar quality standards, and the Responsible Sourcing Programme governs ESG-compliant sourcing of gold.
- Clearstream Europe AGcoreCustody services for physical gold held in trust. Collects custody administration fees and processes physical delivery requests for Xetra-Gold investors.
Scale indicators4 records
Recent moves6 records
Expansion highlights5 records
Xetra-Gold competitors and assessment
Company assessmentDirect peers
- Gold Bullion Securities (GBS): One of the longest-running European gold-backed securities, listed on the London Stock Exchange. Directly comparable product category (physical gold-backed tradable security) for European investor allocation.
- WisdomTree Physical Gold (PHAU): European-listed gold ETC backed by physical London Good Delivery gold bars. Direct competitor in the European physical gold ETC market with similar institutional and retail distribution channels.
- Xtrackers Physical Gold ETC: Physical gold ETC issued by DWS (Deutsche Bank subsidiary) and traded on the same Xetra venue as Xetra-Gold. Directly competes for German retail and institutional gold allocation with a similar physical-backing structure.
- SPDR Gold Shares (GLD): The world's largest gold-backed ETF (State Street Global Advisors), backed by physical gold bullion in London vaults. Directly comparable product category (physical gold investment) with broader global distribution and significantly larger AUM.
- ETC Group Physical Gold (ZGLD): European gold ETC backed by physical gold, listed across multiple European exchanges including Xetra. Direct competitor targeting similar retail and institutional gold investors with comparable product economics.
- Invesco Physical Gold (SGLD): Invesco-issued European gold ETC backed by allocated physical gold held in the LBMA London vault. Direct competitor in the European gold ETC market serving both institutional and retail investors.
- iShares Physical Gold ETC: BlackRock-issued European gold ETC backed by allocated physical gold, listed across multiple European exchanges. Direct competitor to Xetra-Gold for European institutional and retail gold allocation.
Broad incumbents
- UBS Gold ETC: UBS-issued gold ETC offered as part of UBS's broad commodities ETP platform. Larger incumbent player with broader product portfolio and global distribution, overlapping in gold-backed security offering.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Xetra-Gold social profiles
Digital presenceXetra-Gold financial estimates
Financial estimateRevenue estimate
Valuation estimate
Xetra-Gold leadership team
Management profileNumber of profiles
Profiles2 records
Xetra-Gold funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Xetra-Gold M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Xetra-Gold
What does Xetra-Gold do?
Xetra-Gold is an exchange-traded bearer bond (Inhaberschuldverschreibung) issued by Deutsche Börse Commodities GmbH, 100% backed by physical gold stored in Germany. The security trades on the Xetra exchange like a stock while giving investors the right to physical delivery of LBMA Good Delivery compliant gold bars at any time. The product combines exchange tradability, transparent pricing, and liquidity with the security and stability of physical gold ownership, with physical delivery processed through Clearstream Europe AG and Umicore AG & Co. KG.
Is Xetra-Gold a public or private company?
Xetra-Gold is a private company. It is classified as corporate owned and is currently operating.
When was Xetra-Gold founded?
Xetra-Gold was founded in 2007. It employs 11 to 50 people.
Where is Xetra-Gold based?
Xetra-Gold is headquartered in Eschborn, Germany, in the Europe region.
How does Xetra-Gold make money?
One revenue line is on record: asset Management Fees.
Who are Xetra-Gold's main competitors?
Direct peers on record are Gold Bullion Securities (GBS), WisdomTree Physical Gold (PHAU), Xtrackers Physical Gold ETC, SPDR Gold Shares (GLD), ETC Group Physical Gold (ZGLD), Invesco Physical Gold (SGLD) and iShares Physical Gold ETC. UBS Gold ETC is listed as a broad incumbent.
Does Xetra-Gold have an API?
No public API is recorded for Xetra-Gold.
What industry is Xetra-Gold in?
Xetra-Gold's product category is Gold Investment Products. Its primary akta.pro industry code is IMAKAEAA, Gold Mining. Its NAICS code is 52316 and its SIC code is 6221.